It’s a concern we hear all the time… “I don’t want to have to give away too much in order to entice someone to join my marketing list.” It’s a valid concern. Small businesses are working with slim margins where every dollar counts. Online marketing budgets are tight. Here’s a simple tip to follow when deciding which items to use in a promo: “High perceived customer value… low cost.”
For example, a client of ours in the men’s fashion space offers socks in his promos. Companies like Stance and Pair of Thieves have turned socks into a premium SKU commanding upwards of $30 per pair. The cost of a pair of “funky” socks are low but the perceived value in the eyes of a customer is high. This is an ideal product to offer in a text message marketing promo. It’s a win-win as the customer feels a sense of value while you get to keep marketing costs minimal.
Every business has it’s own version of a “sock”. It might be a particular appetizer for a restaurant or a 30 minute personal training session for a gym. SMS marketing doesn’t have to be expensive and you don’t need to give away the farm. The key is to identify your products or services that are low cost but have a high perceived value.